The "Pessimists" and the "Optimists" disagree whether the US external deficits and the associated buildup of US net foreign liabilities are problems that require urgent attention. A warning signal should be that the debt ratio deviates significantly from the optimal ratio. The optimal debt ratio...

"Like Paul Farmer in Mountains Beyond Mountains, Paul English grew up poor, in working-class Boston, but as Tracy Kidder writes, he had "a mind for the age that was coming." Brilliant, reckless, endlessly energetic, Paul English, after Kayak sold for $2 billion, asked himself: What comes next?...